Shareholders in private equity investor SVG, the largest investor in Permira,
are, I'm told, growing increasingly restless following the decision to
invest a further €40m (£36m) in the P25 fund.

For SVG and its chairman Nicholas Ferguson the investment makes perfect sense: though not of course because SVG just happens to earn a fee for managing P25. It also, I guess, suits Permira: P25 invests in Permira funds.

A small number of shareholders are, however, less happy. Back in January when Ferguson asked cash-strapped investors for an odd £170m he insisted that he was not anticipating making "new fund commitments".

Eleven months – and one strategic review – later, that pledge appears to no longer stand.